Issue Date: July 21, 2014
Europe’s Chemical Makers Link Fracking To Jobs
UIC, France’s main chemical industry association, is warning the French government that a continued ban on hydraulic fracturing in the country will lead to the closure of 32 industrial sites and the loss of 10,000 jobs in France as competitors, including companies in the U.S., exploit the cheap source of natural gas. Chemicals derived from ethylene are most exposed to the lower-cost competition, UIC says. Meanwhile in the U.K., where the government supports the development of fracking, up to 41% of the country’s gas supply could be from shale by 2030, according to a new report by National Grid, a U.K. energy company. Such widespread fracking in the U.K. would safeguard 500,000 jobs related to the chemical industry and could support 74,000 new jobs across various sectors, states the Chemical Industries Association, which represents leading U.K. chemical firms.
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